招商证券股份有限公司 关于深圳市强达电路股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：强达电路 | | --- | --- | | 保荐代表人姓名：吴茂林 | 联系电话：0755-82943666 | | 保荐代表人姓名：刁雅菲 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、募 集资金管理制度、内控制度、内部审计制度、 | 是 | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 产品结构优化改善毛利率，研发投入增加净利承压。公司 Q2 毛利率环 比提升 1.77 pct，主要系公司进一步强化深圳厂的高端样板定位，产品结构 向高端化发展，25H1 公司高多层板收入 1.56 亿元，同比增加 27.55%，收 入比重提升 2.7 pct。我们预计三季度公司产品结构进一步优化，叠加深圳 新设备逐步调试完成，三季度公司毛利率具有一定提升预期，预计为 32%。 公司 Q2 净利率环比下滑 0.46 pct，主要系公司为开展汽车雷达、AI 服务 器、数据中心等领域而加大研发投入，我们预计公司 2025 年净利率达到 13.5%水平。 未来，公司在稳定工控和通讯领域等重点业务的同时，积极布局 AI 服 务器、光模块、新能源汽车、机器人等业务领域，凭借长期耕耘高质量样板 小批量板 PCB 的优势，扩大公司业绩弹性。 我们预测公司 25-26 年归母净利 1.28/1.57 亿元，对应 PE 为 60x/48x， 维持"持有"评级。 强达电路(301628)公司点评报告 2025 年 09 月 02 日 [Table_Titl ...

（一）公司基本情况 全称：深圳市强达电路股份有限公司 保荐代表人：吴茂林、刁雅菲 IPO承销商：招商证券 IPO律师：广东信达律师事务所 简称：强达电路 代码：301628.SZ IPO申报日期：2022年6月21日 上市日期：2024年10月31日 上市板块：深证创业板 所属行业：计算机、通信和其他电子设备制造业 IPO保荐机构：招商证券 IPO审计机构：中汇会计师事务所（特殊普通合伙） （二）执业评价情况 （1）信披情况： 发行人未披露外协厂商相关情况；被要求详细分析并说明自身的创新、创造、创意特征，发行人是否符 合创业板定位；被要求说明关于"江西强达于报告期内逐步扩充了1至3倍左右的产量"的表述是否准确。 （2）监管处罚情况：不扣分 （3）舆论监督：不扣分 （4）上市周期：扣分 2024年度已上市A股企业从申报到上市的平均天数为629.45天，强达电路的上市周期是863天，高于整体 均值。 （5）是否多次申报：不属于，不扣分。 （6）发行费用及发行费用率 强达电路的承销及保荐费用为4715.49万元，承销保荐佣金率8.88%，高于整体平均数7.71% 。 上市三个月股价较发行价格上涨245.28 %。 ...

Core Viewpoint - Shenzhen Qiangda Circuit Co., Ltd. announced the progress of cash management using idle raised funds, detailing the redemption of cash management products, account changes, and new investments [1] Group 1: Cash Management Progress - The company held its sixth meeting of the second board of directors and the sixth meeting of the second supervisory board on December 21, 2024, approving the use of no more than 325 million yuan of idle raised funds for cash management, with a validity period of 12 months and the option for rolling use [1] - One cash management product was redeemed, leading to the automatic cancellation of the related special settlement account. The product was a large-denomination certificate of deposit from China Merchants Bank, with a subscription amount of 100 million yuan, an annual yield of 1.10%, and a total redemption amount of 100 million yuan, yielding 91,700 yuan upon maturity [2] Group 2: New Cash Management Investments - The company used another 100 million yuan of idle raised funds for cash management, purchasing a structured deposit product from China Merchants Bank with an expected annual yield of 1.00%-1.75%, starting from August 27, 2025, and maturing on November 27, 2025. The investment does not constitute a related party transaction [3] Group 3: Historical Investment Situation - Since December 2024, the company has made multiple cash management investments involving various large-denomination certificates of deposit and structured deposits from China Merchants Bank and Bank of China. As of the announcement date, the unused balance of idle raised funds for cash management was 190 million yuan, remaining within the board's authorized limit [4] - The company stated that this cash management is conducted without affecting normal operations and project construction, aiming to enhance fund utilization efficiency and provide returns for the company and its shareholders [4]

证券代码：301628 证券简称：强达电路 公告编号：2025-044 深圳市强达电路股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市强达电路股份有限公司（以下简称"公司"）于 2024 年 12 月 21 日 召开第二届董事会第六次会议、第二届监事会第六次会议，审议通过《关于使用 部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响正常运营和募 集资金投资项目建设的情况下，拟使用不超过人民币 32,500.00 万元（含本数） 的闲置募集资金进行现金管理，用于购买安全性高、流动性好、风险性低的保本 型产品，同时满足单项产品投资期限最长不超过 12 个月及保本要求。上述额度 自董事会审议通过之日起 12 个月内有效，在前述额度和期限范围内可循环滚动 使用。闲置募集资金现金管理到期后将及时归还至募集资金专户。具体内容详见 公司 2024 年 12 月 23 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用 部分闲置募集资金进行现金管理的公告》（公告编号：2024-012 ...

Core Viewpoint - The company emphasizes that stock price fluctuations are influenced by multiple factors and commits to enhancing internal value and achieving sustainable high-quality development to reward investors with strong operating performance [1] Group 1 - The company, Strongda Circuit (301628), responded to investor inquiries on August 27 regarding stock price changes [1] - The company aims to continuously improve management practices to drive internal value [1] - The company is focused on delivering high-quality and sustainable growth [1]

Company Overview - Shenzhen Qiangda Circuit Co., Ltd. was established in 2004, focusing on the R&D, production, and sales of PCBs, particularly in mid-to-high-end prototypes and small batch boards [1] - In the first half of 2025, the company reported a revenue of CNY 456 million, a year-on-year increase of 17.25%, and a net profit attributable to shareholders of CNY 58.75 million, up 4.87% [1] Product Structure and Application Areas - As of the first half of 2025, prototype and small batch board revenues accounted for 87.29% of total revenue, with prototypes making up 54.89%, an increase of 2.36 percentage points year-on-year [2] - The main application areas are industrial control and communication equipment, with revenue growth of 15.13% and 25.04% respectively in these sectors [2] Production Capacity and Factory Positioning - The Shenzhen factory focuses on high-end prototypes, handling demands for boards with 12 layers or more, while the Jiangxi factory is positioned for rapid delivery of small batch boards [3] - The company maintains a high capacity utilization rate and plans to upgrade and adjust production capacity based on market changes [3] Order Status and Market Outlook - The company currently has sufficient orders, with production and delivery operations running smoothly [4] - The global PCB market is expected to grow by 6.8% in 2025, indicating strong domestic and international order demand for the company [4] Gross Margin Trends - The increase in gross margin in Q2 is attributed to strategic changes in production, with a shift of some orders from Shenzhen to Jiangxi, allowing for greater capacity in the latter [6] - Future gross margin trends are expected to improve as the company optimizes its production strategies [6] Pricing Strategy - The rise in product prices in the first half of 2025 is due to an optimized order structure, with a higher proportion of prototypes and small batch boards, and an increase in special materials and processes [7] Competitive Advantages and Future Plans - With over 20 years in the PCB industry, the company has established a reputation for high-quality, small-batch production with rapid delivery capabilities [8] - Future plans include expanding production scale, enhancing technological innovation, and focusing on emerging industries such as 5G, new energy vehicles, and semiconductors [8]

公募基金方面，本期较上一季未再披露的公募基金共计1个，即易方达改革红利混合。 2025年8月27日，强达电路(301628.SZ)发布2025年半年度报告。截至2025年8月26日，共有7个机构投资 者披露持有强达电路A股股份，合计持股量达1214.55万股，占强达电路总股本的16.11%。其中，机构 投资者包括宁波保税区鸿超翔投资合伙企业(有限合伙)、深圳市博众信合私募股权投资基金管理合伙企 业(有限合伙)-深圳博信卓达创业投资合伙企业(有限合伙)、芜湖恒和一号股权投资合伙企业(有限合 伙)、宁波保税区翔振达投资合伙企业(有限合伙)、深圳市中小担创业投资有限公司、深圳市宝安区产业 投资引导基金有限公司、贰拾壹点私募基金管理(上海)有限公司-贰拾壹点匠心1号私募证券投资基金， 机构投资者合计持股比例达16.11%。相较于上一季度，机构持股比例合计下跌了0.21个百分点。 ...

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related information during the reporting period [3] Group 2 - The company has not made any retrospective adjustments or restatements of previous accounting data [2] - The number of shareholders holding more than 5% and the top 10 shareholders remained unchanged [2] - The company does not have any bond situations that are applicable as of the report approval date [3]

Core Viewpoint - Strong demand recovery in the market is expected to benefit the company's revenue and profit growth in 2025 [1] Financial Performance - The company achieved operating revenue of 455.72 million yuan, an increase of 17.25% year-on-year [1] - Net profit reached 58.75 million yuan, reflecting a year-on-year increase of 4.87% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 58.66 million yuan, up 13.88% year-on-year [1] Growth Drivers - Key growth drivers include increased demand in downstream application areas such as industrial control and communication equipment [1] - The company has focused on customer development and maintenance, continuous optimization of product structure, and innovation in research and development [1] - The performance changes align well with the overall development trends in the industry [1]